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Have you been unable to obtain a mortgage due to past credit issues? Perhaps you declared bankruptcy or previously dealt with a foreclosure. Are you starting to recover from that financial hardship, but have not quite passed the 3 – 7 year waiting periods required by most mortgage products these days? A growing number of individuals are finding themselves in this exact situation – held back by industry requirements and unable to purchase a home of their own.

After the housing crash, many mortgage lenders greatly restricted guidelines, making it more difficult for clients who experienced these financial hardships to purchase homes or refinance. Many potential homeowners are still unable to purchase homes due to these stricter requirements.

Because of this, many potential homebuyers have been forced into renting when purchasing might be in their best interest.

Today, new products are rolling out and investors are beginning to relax guidelines to allow these potential homeowners to finally again become eligible for a mortgage. The new products allow shorter waiting periods for clients with previously adverse credit events such as short sales, bankruptcies, and foreclosure. With foreclosures, clients must provide documentation supporting that that matter has been resolved.

While these products have more expanded guidelines, they’re still far from the sub-prime products that were around prior to the housing crash since income, assets, credit, equity in the property, and liabilities are all factored into mortgage approval, and the client should show they are recovered from this credit event.

Quicken Loans May Be Able to Help

If you’ve found yourself in this situation, unable to qualify and previously held back by industry requirements, contact Quicken Loans, as they may be able to help. Within the past year, Quicken Loans has rolled out new products that may help Americans previously denied mortgage approval to obtain a mortgage.

Even if Quicken Loans was unable to qualify you in the past few years, these new products might help you qualify now. Speak with a mortgage banker now to hear your options today!

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This Post Has 8 Comments

  1. Can I get a mortgage to buy a home if I sold my last home less than a year ago In Pre forclosure? I didn’t short sell, I earned money

  2. My husband and I recently filed bankruptcy, it is now completed. However, I read that we would have to at least 2 years before being able to purchase a home. Is this true?

    1. Hi Lenore:

      The guideline you’re referring to is FHA, which requires that you weigh at least two years after dismissal or discharge depending on the type of bankruptcy you have. That being said, we do offer one option starting a year after dismissal or discharge. If you’d like someone to go over your options with you, I’m going to recommend speaking with one of our Home Loan Experts.

      Thanks,
      Kevin Graham

    1. Hi Shane:

      Unfortunately, we don’t do rent-to-own properties. I do want to make sure that you’re in the best possible position to succeed and it doesn’t sound like a house would be right for you at this point in time. It depends on where you live and the type of house you’re looking for, but a mortgage payment on its own might be around $500 or more per month. If you only make that much, it might be difficult to juggle a mortgage with any other bills that you have. It’s not just the payments, but also property taxes, insurance, etc. It may be best for you to rent. If your situation changes in the future, we’re happy to take a look and see what we can do for you. I wish you luck!

      Thanks,
      Kevin Graham

  3. I am looking to buy a mobil home in florida in barefoot bay. I filed bankruptcy in 2011 due to a divorce and I lost my home after 28 years. I have worked to build up my credit and have done well. I am not sure what my credit rating is but it should be good. I have 30,000 to put down and want something in 80,000 range. Can someone help me?

    1. Hi Charlene:

      Unfortunately, we don’t do mobile home financing. My best advice to you would be to check out a local lender and see what you can do.

      Thanks,
      Kevin Graham

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